The zinc market was in deficit by 243.7 kt during January to December 2019 which compares with a surplus of 108 kt recorded in the whole of the previous year. Reported stocks decreased by 63 kt during January to December with a net increase in Shanghai of 28.8 kt over the period. LME stocks fell in December and closed 77.8 kt below the December 2018 level. LME stocks represent 11 per cent of the global total with the bulk of the metal held in Taiwan and Dutch warehouses.
Global refined production rose by 2.8 per cent and consumption was 5.4 per cent higher than the levels recorded one year earlier. Japanese apparent demand was, at 514 kt, 6.8 per cent above the equivalent total for January to December 2018.
World demand was 725 kt higher than for January to December 2018. Chinese apparent demand was 6821 kt which is 48 per cent of the global total. No allowance is made in the consumption calculation for unreported stock changes.
In December 2019, slab zinc production was 1277.1 kt and consumption 1292.3 kt.
Source: WBMS |
